I think we need 1 YFI > 1 BTC.
Lmaooo facts, the last thing we need to be worried about is the psyche people experience when looking to invest their money. If youâre more worried about the denomination per coin instead of researching to see if the projects decent then imo youâre losing.
Burning the keys is a huge decision that shouldnât be taken lightly. Itâs been debated for less than two weeks and it has an insane impact. I think rushing it would be a big mistake!
I donât disagree. But as are the implications of never ending discussions to multiply YFIs token count.
Tell me.
What is YFI?
What is yEarn?
What are the differences between all the different apps?
What is this ecosystem about?
Can we sum up the values YFI or yEarn?
Are these values the same?
What is the tone of voice of one vs the other?
Great progress has been made and great compromise on both sides in regards to the number of YFI. Continued deviation is not helpful - yes, that is obviously only my opinion.
I appreciate your input. I do. But every new discussion on this matter, much of which has already been discussed, diverts our energies away from matters that have yet to have any discussion and are just as important, if not more so.
Iâd love honest answers to the above. It be a huge help to understand how to craft answers to those above that we can all use and share. That. Make YFI valuable in the eyes of our audience.
Do we even know who our audience is? Or who we want them to be? âŚ
I am against this.
\What happens if YFI price drops (for whatever reason)? Do we redenominate back to a smaller amount? Should BTC be redenominated to a smaller amount since it is now past $11k?
I think bigger number is better psychology for everyone involved. Most people prefer working with whole numbers as you do with most other aspects of your decision making
This feels completely gimmicky, just to attract retail that is used to buying cheap tokens. The fact that YFI is heavy is something to be proud of. Iâm against this proposal.
I think we should do a coin split later on after the early speculators are shook out and long term hodlers are in. We should prioritize a solid foundation of governors right now, and a high price may help build that (if it keeps out the pumpy noobs).
Later on when YFI price hits $10k I would support a 10,000 to 1 coin split.
I think the low supply and high price is a differentiating factor and draws attention and discussion to the project. Also as a âworkingâ token it feels like this would be somewhat risky. I donât think the crypto marketing tactic of billions of coins and low prices is particularly well suited to the project. Its almost attracting the wrong kind of token holder.
The low supply cap is also a great marketing meme and I would want to see significant benefits before giving up on that.
Making the price more mainstream??? what is the most mainstream crypto in existence? BitcoinâŚ
Main advantage is reducing the decimals when transacting??? Mental load??? come onâŚ
Thats like trying a solution to a non problem⌠total non sense in my opinion.
Thats not a problem for Bitcoin, thats not a problem for Amazon Stock⌠and that was never a problem for YFI, in fact, everything suggests otherwiseâŚ
2017: âLTC is like BTC, but you can afford a whole one.â
2020: LTC: âŚ
Limited supply is what makes YFI (the token) unique. Ask yourself, what makes YFI unique vs. COMP/BAL or other inflation/yield farming tokens? If YFI = 1BTC, we will be on WSJ and Bloomberg headlines. Think of the PR aspect. To be a unicorn, you have to be a unicorn. Why grind our horn into a thousand pieces of dust to make ourselves look like a horse that everyone wants to ride? Be a unicorn everyone wants to chase.
At least, letâs wait. Next emissions will skyrocket easily to 1BTC because of itâs PR that âitâs so rare, so better act fact!â. Then when it hits 1BTC ($11k or whatever), then the PR becomes âthe coin thatâs worth more than Bitcoinâ. AFTER that point, after a $1B marketcap, then sure, we can market towards mainstream.
The first rule of product-market fit is to know your audience: Letâs be honest here, we are NOT a mainstream coinâthis is the bleeding edge of complexity for defi investors. Real players and early adopters and engineers already know whatâs up. If we target mainstream now with cheap redenomination, they will be burned. (Would you really sell one to your aunt at this point?) It will attract thousands of new microinvestors, sure, but they will invest because of the pumping inflation and farming. They wonât invest because they understand where the y ecosystem fees/reward revenue comes from (the real underlying value), or governance (the real real). They will not be contributors. They will lose their shirts during pumps and dumps, weak hands will sell to whalesâagain just like any other coin. Letâs be different. Letâs not solve a problem we donât have (our problem is not âwe donât have enough first time Coinbase users investing in our projectâânor is our problem âwe need more investment capitalââwe donât have a team or expenses or big office. Itâs like pulling out a loan or VC round when you donât need the money.)
Redenomination affordability is also a harmful illusion. Price will pump as people rush in for âcheaperâ coins, but in reality they are buying less % of total YFI.
Thought experiment: What if we redenominate to 1YFI total supply? Then your â0.000xxâ YFI exactly reflects your % of ownership and voting power. It actually makes the mental load the easiest. (And no need to calculate dilution over time when early investors/team cash out or anythingâŚit represents your current voting power.) 1YFI = total marketcap, no need for math.
Against because 1 YFI needs to be > 1 BTC by EOY
Feels gimmicky and a way to try and trick people to buy the token. Against. YFI is one of the most unique assets in the space, letâs keep it that way.
YFI is the BRK-A of crypto. Embrace it.
The logistic to make this happen would be a nightmare for @andre.cronje to deal with alone at the moment. There are more urgent things we can do in an immediate term to improve and spread awareness of yEarn (landing page, cohesive branding, more developers, etcâŚ).
No votes from me at the moment. Maybe a good topic to re-visit way down the line when there are proofs that we need a split to increase awareness and improve the user experience.
No reason(at least not a good one) to redenominate YFI.
Agreed! Weâve already started the 1 BTC = 1 YFI viral movement. Changing the denomination to meet the ânorm of cryptoâ or for psychological purposes has got to be the most un-YFI thing there is.
Weâre differentâŚYFIâs different.
100% against this.
YFI is unique, disruptive and special for many reasons. It did not go the conventional route. Turning it into another generic token removes a lot of its appeal. A huge part of the fun was/is figuring wtf this thing is all about. This âmental loadâ that newcomers and consumers have to go through is what keeps them here.
Against this too, at this point in time there are definitely more important things to focus on - Andreâs time (or any other engineers) is valuable, and something like this solves a non-problem in my opinion.
Low value / token & large denomination coins are dime a dozen. There are no legit tokens with a higher per token price than BTC. YFI has a real shot at that and the attention and brand bonus it gathers upon that point far exceeds the short-term pump (if at all) a re-denomination brings.
Much better meme value and community fostering with YFI >BTC and approaching BRK.A. Splitting is a gimmick that actually hurts the brand.
We are strongly against the proposal.
MLC